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Cannabidiol (CBD) Oil Market Size

Report ID: GMI8545
Published Date: Mar 2024
Report Format: PDF

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Cannabidiol Oil Market Size

Cannabidiol Oil Market size was valued at USD 5.1 billion in 2023 and is expected to reach USD 24.7 billion by 2032 growing at a CAGR of 18.6% over the analysis period. The market has experienced significant growth driven by the growing acceptance and legalization of cannabis-derived products for medicinal and therapeutic use.

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As more countries legalize the use of cannabis for medical use, there is a growing demand for CBD oil due to its potential health benefits, including pain relief, anxiety reduction, depression, and anti-inflammatory properties. According to data from the Global Health Data Exchange (GHDx) in 2019, it was estimated that 3.8% of the global population experiences depression, with 5% of adults affected (4% among men and 6% among women), and 5.7% of adults over 60 years old. Hence, the surge in demand for CBD products to address anxiety & depression solutions is expected to create significant opportunities for CBD oil-based products, thereby driving market growth.

Cannabidiol (CBD) oil refers to a concentrated extract sourced from cannabis plants, particularly strains abundant in CBD and minimal in tetrahydrocannabinol (THC), the psychoactive compound associated with marijuana. CBD oil is typically obtained through various extraction methods, such as CO2 extraction or solvent extraction, to isolate CBD and other beneficial cannabinoids, terpenes, and flavonoids from the plant material.

Cannabidiol Oil Market Report Attributes
Report Attribute	Details
Base Year:	2023
Cannabidiol Oil Market Size in 2023:	USD 5.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	18.6%
2032 Value Projection:	USD 24.7 Billion
Historical Data for:	2018 – 2023
No. of Pages:	225
Tables, Charts & Figures:	435
Segments covered:	Source, Product Type, Product Category, Application, Formulation, Distribution Channel, and Region
Growth Drivers:	Rising medical applications of CBD Growing preference for CBD over conventional pharmaceuticals Changing regulatory landscape for approval of CBD products Increasing sales of CBD products in retail stores
Pitfalls & Challenges:	Side effects associated with CBD oil Counterfeit and synthetic products available in the market Regulatory uncertainties

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global cannabidiol (CBD) oil industry size was valued at USD 5.2 billion in 2023 and is expected to reach USD 24.7 billion by 2032, due to the growing acceptance and legalization of cannabis-derived products for medicinal and therapeutic use

The hemp source segment is set to grow at 18.9% CAGR between 2024 – 2032, owing to their adaptability, eco-friendliness, and legal status for facilitating broad cultivation and extraction.

The original product type segment recorded 62.2% of the CBD oil market share in 2023, due to the rising need for catering to the increasing consumer demand for natural remedies.

North America held 59% of the cannabidiol oil industry share in 2023, led by increasing adoption for treating psychological disorders along with the growing legalization of hemp and marijuana.